Save Time, Save Money: Handling Financial Stress

Save Time, Save Money: Handling Financial Stress

22 Feb 2022

How to Save Manage & Handle Financial Stress?

When you are under stress financially, it could make saving extra challenging!
Many studies have shown that stress restricts your ability to make a good decision and directly connects to your bad decision-making habits. To save money effectively, first, you need to have a mitigation plan to prevent or reduce financial stress.

Here are some ways you can follow to help you reduce financial stress.

1. Make the most of your income 

Categorize your spending.

  • By categorising your spending, it allows you to better identify which part of your spending improved or revised. 

Examine your spending patterns.

  • Examining your spending pattern helps you to better understand the roots of your spending issue. Where you start a plan to resolve it or create a mitigation plan.

Prioritise goals that will help ease your overall financial stress.

  • Noting down your main financial goals helps you better prioritise your finance.

2. Identify the top source of financial stress

Note down your biggest money challenges.

  • Just like noting down your goals, noting down your biggest challenge help you to be more aware of the issue/problem that you need to address first.

Keep the list simple to feel less overwhelmed.

  • Noting down your money challenges should be kept concise and simple so you don't feel overwhelmed by the number of issues you want to target.  

Revisit your list as your circumstances change.

  • As you check your list make sure to review it once in a while to ensure that the financial issue you have previously resolved doesn't reappear.

3. Consider outside help 

Monitor your progress.

  • Any changes made to remain long-term requires you to monitor it consistently, to ensure there is no slip back. 

Seek help if you’re struggling to keep up with minimum payments.

  • If all else don't work, make sure to get professional from financial advisors, friends or family. 

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